AI-assisted research summary: This amendment updates Jersey public finance rules for special funds, including the stabilisation fund, and requires States approval for certain borrowing and fund-transfer proposals.
Public Finances (Amendment No. 2) (Jersey) Law 2008 Arrangement Article 1 Interpretation . 445 2 Article 1 amended . 445 3 Article 3 amended . 445 4 Article 4A inserted . 446 5 Article 17 amended . 446 6 Article 20 amended . 447 7 Article 46 amended . 447 8 Citation and commencement 447 Public Finances (Amendment No. 2) (Jersey) Law 2008 A LAW to amend further the Public Finances (Jersey) Law 2005. Adopted by the States 5th December 2007 Sanctioned by Order of Her Majesty in Council 9th July 2008 Registered by the Royal Court 25th July 2008 THE STATES , subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law – 1 Interpretation In this Law, “principal Law” means the Public Finances (Jersey) Law 2005 [1] . 2 Article 1 amended In Article 1(1) of the principal Law, after the definition “special fund” there shall be inserted the following definition – “‘stabilisation fund’ means the special fund established on 5th December 2006, upon the States adopting Projet 133 of 2006;”. 3 Article 3 amended In Article 3 of the principal Law, for paragraphs (3) and (4) there shall be substituted the following paragraphs – “(3) The States may, on a proposition lodged by the Minister – (a) establish special funds for specific purposes; (b) vary the purposes of a fund so established; or (c) wind up a fund so established. (4) An enactment that would – (a) establish a special fund for specific purposes, or declare a fund to be a special fund; (b) vary the purposes of a fund so established or to which such a declaration relates; or (c) wind up a fund so established or to which such a declaration relates, shall only be lodged by or with the concurrence of the Minister. (5) Upon the winding up of a special fund, any balance shall be transferred to the consolidated fund.”. 4 Article 4A inserted After Article 4 of the principal Law there shall be inserted the following Article – “4A Stabilisation fund (1) There shall be transferred from the consolidated fund to the stabilisation fund such amount as the States may decide on a proposition lodged by the Minister. (2) Money shall not be withdrawn from the stabilisation fund otherwise than in accordance with a decision of the States made on a proposition lodged by the Minister that provides for the amount withdrawn to be credited to the consolidated fund.”. 5 Article 17 amended In Article 17 of the principal Law – (a) for paragraph (4), there shall be substituted the following paragraph – “(4) A budget proposition for a financial year must also – (a) if it is proposed that the States should borrow money during the financial year, seek the approval of the States required by Article 21(1); (b) if it is proposed to transfer money between the consolidated fund and the strategic reserve fund during the financial year, seek the approval of the States, required by Article 4(2) or (3); (c) if it is proposed to transfer money between the consolidated fund and the stabilisation fund during the financial year, seek the approval of the States required by Article 4A(1) or (2).”; (b) for paragraph (6) there shall be substituted the following paragraph – “(6) Nothing in this Article prohibits the Minister lodging at any time during a financial year – (a) a further budget proposition in respect of that year and any relevant taxation draft ; (b) a proposition seeking the approval of the States for any proposed borrowing by the States; (c) a proposition seeking the approval of the States for any proposed transfer of money between the consolidated fund and the strategic reserve fund; or (d) a proposition seeking the approval of the States for any proposed transfer of money between the consolidated fund and the stabilisation fund.”. 6 Article 20 amended In Article 20 of the principal Law, for paragraph (1) there shall be substituted the following paragraph – “(1) This Article applies to – (a) a taxation draft; (b) a proposition seeking the approval of the States for any proposed borrowing by the States; (c) a proposition seeking the approval of the States for any proposed transfer of money between the consolidated fund and the strategic reserve fund; or (d) a proposition seeking the approval of the States for any proposed transfer of money between the consolidated fund and the stabilisation fund.”. 7 Article 46 amended In Article 46(2)(a) of the principal Law, after the words “the strategic reserve fund” there shall be inserted the words “, the stabilisation fund”. 8 Citation and commencement This Law may be cited as the Public Finances (Amendment No. 2) (Jersey) Law 2008 and shall come into force 7 days after it is registered. m.n. de la haye Greffier of the States [1] chapter 24.900